AdvisorShares Files For Gold ETFs, ProShares Plans High-Yield Bond Fund

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This week proven to be riddled with choppy trading as looming “fiscal cliff” woes continue to eat away at investors’ confidence. A sense of optimism has nonetheless returned to Wall Street after comments from President Obama showcased his commitment to hammering out a deal with Congress ahead of the December 31 deadline. Stock markets got another boost yesterday thanks to the latest U.S. GDP report, which showed economic growth of 2.7%, marking a healthy increase from the previous reading of 2.0%. Amid the mixed backdrop, AdvisorShares and ProShares both filled the product development pipeline with intriguing proposals [see 5 Important ETF Lessons In Pictures].

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Gold ETF

Maryland-based AdvisorShares is planning to beef up their product lineup with four new gold ETFs [see our GLD-Free Gold Bug ETFdb Portfolio]:

  • AdvisorShares International Gold ETF (GLDE):  This ETF will seek to provide positive absolute returns by investing in exchange-traded products that offer diversified exposure to the international gold market. Among the potential ETFs considered for inclusion in this portfolio will be the three gold-currency funds profiled below.
  • Gartman Gold/Yen ETF (GYEN):  This actively-managed ETF will offer exposure to gold prices denominated in Japanese yen, thereby offering a creative way to maintain exposure to the precious yellow metal while at the same time scaling back on exposure to the U.S. dollar.
  • Gartman Gold/British Pound ETF (GGBP):  This actively-managed ETF will offer exposure to gold prices denominated in British pounds.
  • Gartman Gold/Euro ETF (GEUR):  This actively-managed ETF will offer exposure to gold prices denominated in euros.

ProShares, the largest manager of short and leveraged funds, has filed for a fixed-income ETF, which looks to appease the appetites of conservative, income-hungry investors [see our Monthly Dividend ETFdb Portfolio]:

  • ProShares High Yield-Interest Rate Hedged:  This ETF intends to deliver exposure to the U.S. dollar-denominated high-yield corporate debt market, while at the same time seeking to minimize the influence on returns attributable to changing interest rates on U.S. Treasury securities. According to the SEC filing, this fund will mitigate losses in long high-yield bond positions during periods of rising interest rates by taking short positions in Treasuries of a similar duration.

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Disclosure: No positions at time of writing.

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